Mubasher TV
Contact Us Advertising   العربية

Alandalus Property Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

ALANDALUS 4320 3.15% 27.80 0.85
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 12.16 27.57 -55.89 20.52 -40.74
Gross profit (loss) 24.01 22.84 5.12 24.79 -3.15
Operational profit (loss) 22.48 29.54 -23.9 28.85 -22.08
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 32.69 77.01 -57.55
Gross profit (loss) 48.88 43.29 12.91
Operational profit (loss) 51.34 57.98 -11.45
Earning or loss per share, Riyals 0.47 1.1 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year the net profit attributable to shareholders of the parent company has decreased mainly because of:

*The change of ownership interests of the Parent Company in both Al-Andalus mall and Staybridge hotel which are owned by Alahli REIT 1 fund.

* the decrease in operating profit as a result of the increase in general and admin expenses due to alahli REIT1 fund management fees, in addition to the increase of the allowance of impairment losses related to receivables from operating leases, and finally as result of the decrease in income from investment in associate companies.
Net profit decreased despite the increase in gross profit
Reasons of increase (decrease) for period compared with same period last year the net profit attributable to shareholders of the parent company has decreased mainly because of: *The change of ownership interests of the Parent Company in both Al-Andalus mall and Staybridge hotel which are owned by Alahli REIT 1 fund. *Achieving a gain on a land excluded from investment properties and used as in-kind share to a new associate company in the same period of the previous year. * the decrease in operating profit as a result of the increase in general and admin expenses due to alahli REIT1 fund management fees, in addition to the increase of the allowance of impairment losses related to receivables from operating leases, and finally as result of the decrease in income from investment in associate companies. Net profit decreased despite the increase in gross profit
Reasons of increase (decrease) for quarter compared with previous quarter the net profit attributable to shareholders of the parent company has decreased mainly because of the decrease in operating profit as a result of the increase in general and admin expenses, the decrease in income from investment in associate companies and the increase of the allowance of impairment losses related to receivables from operating leases.
External auditor's report containing reservation The external auditor has reviewed the consolidated interim financial statements and issued unmodified review report.
Reclassifications in quarterly financial results Some of the figures related to comparable periods have been reclassified and represented to conform with the classification of current period figures.
Other notes During current quarter, revenues reached 41.28 million Riyal to achieve 13.06% increase compared to 36.51 million Riyal in the same quarter from previous year and to achieve 1.2% increase compared to 40.79 million Riyal in the previous quarter.

During current Period, revenues reached 82.06 million Riyal to achieve 18.58% increase compared to 69.20 million Riyal in the same period from previous year.

During current quarter, comprehensive income (Excluding non-controlling interest) reached 12.16 million Riyal causing 55.89% decrease compared to 27.57 million Riyal in the same quarter from previous year and causing 40.74% decrease compared to 20.52 million in the previous quarter.

During current period, comprehensive income (Excluding non-controlling interest) reached 32.69 million Riyal causing 57.55% decrease compared to 77.01 million Riyal in the same period from previous year.

As of the end of current period, shareholders equity (Excluding non-controlling interest) reached 1121.02 million Riyal causing 8.74% decrease compared to 1228.34 million Riyal as of 31 December 2017.

Starting from 1 January 2018, the company applied IFRS 9 and IFRS 15, This application did not cause any significant impact on the company financial statements.

Comments